Greene County Bancorp, Inc. Reports Record High Income for the Nine Months Ended March 31, 2022 and Assets Cross the $2.5 Billion Threshold
21 Abril 2022 - 9:14AM
Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the
holding company for The Bank of Greene County and its subsidiary
Greene County Commercial Bank, today reported net income for the
three and nine months ended March 31, 2022, which is the third
quarter of the Company’s fiscal year ending June 30, 2022. Net
income for the three and nine months ended March 31, 2022 was $7.2
million, or $0.84 per basic and diluted share, and $21.2 million,
or $2.49 per basic and diluted share, respectively, as compared to
$5.3 million, or $0.62 per basic and diluted share, and $16.3
million, or $1.92 per basic and diluted share, for the three and
nine months ended March 31, 2021, respectively.
Highlights:
- Net Income: $21.2 million for the nine months ended March 31,
2022
- Total Assets: $2.5 billion at March 31, 2022
- Return on Average Assets: 1.21% for the nine months ended March
31, 2022
- Return on Average Equity: 18.09% for the nine months ended
March 31, 2022
Donald Gibson, President & CEO, stated: “Our
long term strategy has been to position Greene County Bancorp, Inc.
as the premier bank in the communities we serve. I am pleased to
report continued record performance, which I believe demonstrates
the success of our strategy, and reflects upon the outstanding work
of our team. Net income increased by 37% when comparing the
quarters ended March 31, 2022 and March 31, 2021. During the
quarter, we also continued to build on our deposit growth momentum.
As a result, I am proud to announce that we crossed the $2.5
billion asset threshold at March 31, 2022, a new milestone.”
Total consolidated assets for the Company were
$2.5 billion at March 31, 2022, primarily consisting of $1.1
billion of net loans and $1.1 billion of total securities
available-for-sale and held-to-maturity. Consolidated deposits
totaled $2.3 billion at March 31, 2022, consisting of retail,
business and municipal banking relationships.
Selected highlights for the three and nine
months ended March 31, 2022 are as follows:
Net Interest Income and Margin
- Net interest
income increased $517,000 to $14.1 million for the three
months ended March 31, 2022 from $13.6 million for the three months
ended March 31, 2021. Net interest income increased $3.9 million to
$42.9 million for the nine months ended March 31, 2022 from $39.0
million for the nine months ended March 31, 2021. The increase in
net interest income was primarily the result of the growth in the
average balance of interest-earning assets, which increased $369.6
million and $420.4 million when comparing the three and nine months
ended March 31, 2022 and 2021, offset by a decrease in the average
interest rate on interest-earning assets, which decreased 39 and 36
basis points when comparing the three and nine months ended March
31, 2022 and 2021, respectively.Average loan balances increased
$88.6 million and $81.6 million and the yield on loans decreased 45
and 10 basis points for the three and nine months ended March 31,
2022 and 2021, respectively. Included in interest-earning assets at
March 31, 2022, are $6.7 million of SBA Paycheck Protection Program
(PPP) loans at a rate of 1.00%. The yield on loans was supported by
$366,000 and $2.8 million in SBA PPP fee income for the three and
nine months ended March 31, 2022, which was realized through a
deferred origination fee and recognized within interest income.
Average securities increased $320.4 million and $315.7 million, and
the yield on such securities decreased 17 and 31 basis points when
comparing the three and nine months ended March 31, 2022 and 2021,
as the yield on securities purchased are lower than securities
maturing during the period. Average interest-bearing bank balances
and federal funds decreased $39.6 million and increased $23.2
million, and the yields increased 6 and 5 basis points when
comparing the three and nine months ended March 31, 2022 and 2021,
respectively.Cost of interest-bearing liabilities decreased 5 and 9
basis points when comparing the three and nine months ended March
31, 2022 and 2021, respectively. The cost of NOW deposits decreased
7 and 13 basis points, the cost of savings and money market
deposits decreased 8 and 9 basis points, and the cost of
certificates of deposit decreased 22 and 27 basis points when
comparing the three and nine months ending March 31, 2022, and
2021, respectively. The decrease in cost of interest-bearing
liabilities was offset by growth in the average balance of
interest-bearing liabilities of $347.0 million and $404.5 million
when comparing the three and nine months ended March 31, 2022 and
2021, respectively. The increase resulted most notably due to an
increase in average NOW deposits of $259.4 million and $319.5
million, an increase in average savings and money market deposits
of $59.7 million and $65.8 million, and an increase in average
borrowings of $28.1 million and $19.6 million when comparing the
three and nine months ended March 31, 2022 and 2021, respectively,
due to the continued focus on new municipal and large commercial
cash management customers. The cost on borrowings decreased 110 and
increased 21 basis points when comparing the three and nine months
ended March 31, 2022 and 2021. The change in cost of borrowings was
due to the Company entering into Subordinated Note Purchase
Agreements in September 2021 and September 2020. Yields on
interest-earning assets and costs of interest-bearing deposits
continued to decline during the quarter ended March 31, 2021, but
is expected to stabilize as the Federal Reserve Board started to
raise rates during the current quarter.
- Net interest rate spread
and margin both decreased when comparing the three and
nine months ended March 31, 2022 and 2021. Net interest rate spread
decreased 34 basis points to 2.38% for the three months ended March
31, 2022 compared to 2.72% for the three months ended March 31,
2021. Net interest rate spread decreased 27 basis points to 2.51%
for the nine months ended March 31, 2022 compared to 2.78% for the
nine months ended March 31, 2021. Net interest margin decreased 35
basis points and 30 basis points to 2.41% and 2.54%, respectively,
for the three and nine months ended March 31, 2022 compared to
2.76% and 2.84%, respectively, for the three and nine months ended
March 31, 2021. Decreases in net interest rate spread and net
interest margin resulted primarily from lower-yielding securities
and loans offset by lower rates on deposits as well as growth in
loan and securities balances.
- Net interest income on a
taxable-equivalent basis includes the additional amount of
interest income that would have been earned if the Company’s
investment in tax-exempt securities and loans had been subject to
federal and New York State income taxes yielding the same after-tax
income. Tax equivalent net interest margin was 2.56% and 2.91% for
the three months ended March 31, 2022 and 2021, respectively, and
was 2.69% and 3.00% for the nine months ended March 31, 2022 and
2021, respectively.
Asset Quality and Loan Loss Provision
- Provision for loan
losses amounted to $163,000 and $1.4 million for the three
months ended March 31, 2022 and 2021, and to $2.4 million and $3.9
million for the nine months ended March 31, 2022 and 2021,
respectively. The provision for loan losses for the three months
ended March 31, 2021 and for the nine months ended March 31, 2022
and 2021 was due to the impact of the COVID-19 pandemic as well as
growth in gross loans and an increase in loans adversely
classified. The Company instituted a loan deferral program in
response to the COVID-19 pandemic whereby deferral of principal
and/or interest payments have been provided and correspond to the
length of the National Emergency as defined under the CARES Act and
extended under the Consolidated Appropriations Act which was signed
into law on December 27, 2020. At March 31, 2022, the
Company had zero loans on payment deferral compared to eight loans
aggregating $8.0 million as of June 30, 2021. Loans classified as
substandard or special mention totaled $50.0 million at March 31,
2022, compared to $49.7 million at June 30, 2021, an increase of
$300,000, and compared to $43.0 million at March 31, 2021, an
increase of $7.0 million. Loans classified as substandard or
special mention slightly increased as compared to June 30, 2021 but
remained elevated compared to March 31, 2021, due to insufficient
cash flows and revenues related to the COVID-19 pandemic.
As a result, reserves on loans classified as
substandard or special mention totaled $9.6 million at March 31,
2022 compared to $7.8 million at June 30, 2021, an increase of $1.8
million. No loans were classified as doubtful or loss at March 31,
2022 or June 30, 2021. Allowance for loan losses to total loans
receivable was 1.88% at March 31, 2022 compared to 1.77% at June
30, 2021. Total loans receivable included $6.7 million
and $67.4 million of SBA Paycheck Protection Program (PPP) loans at
March 31, 2022 and June 30, 2021, respectively. Excluding these SBA
guaranteed loans, the allowance for loan losses to total loans
receivable would have been 1.89% at March 31, 2022 and June 30,
2021, respectively.
- Net charge-offs
amounted to $108,000 and $36,000 for the three months ended March
31, 2022 and 2021, respectively, an increase of $72,000. Net
charge-offs totaled $360,000 and $662,000 for the nine months ended
March 31, 2022 and 2021, respectively. The primary net charge
off activity was a commercial loan charge off that occurred during
the quarter ended December 31, 2020.
- Nonperforming
loans amounted to $3.9 million and $2.3 million at March
31, 2022 and June 30, 2021, respectively. The increase in
nonperforming loans during the period was primarily due to $2.6
million of loans placed into nonperforming status due to
delinquency, $920,000 in loan repayments, and $134,000 in
charge-offs. At March 31, 2022 nonperforming assets were 0.16% of
total assets compared to 0.11% at June 30, 2021. Nonperforming
loans were 0.34% and 0.21% of net loans at March 31, 2022 and June
30, 2021, respectively.
Noninterest Income and Noninterest Expense
- Noninterest income
increased $544,000, or 23.0%, to $2.9 million for the three months
ended March 31, 2022 compared to $2.4 million for the three months
ended March 31, 2021. Noninterest income increased $2.2 million, or
32.8%, to $9.1 million for the nine months ended March 31, 2022
compared to $6.8 million for the nine months ended March 31, 2021.
The increase was primarily due to an increase in debit card fees
resulting from continued growth in the number of checking accounts
with debit cards, the income from bank owned life insurance, and
increases in service charges on deposit accounts.
- Noninterest
expense decreased $53,000, or 0.6%, to $8.3 million for
the three months ended March 31, 2022 compared to $8.4 million for
the three months ended March 31, 2021. Noninterest expense
increased $1.6 million, or 6.8%, to $24.6 million for the nine
months ended March 31, 2022, compared to $23.0 million for the nine
months ended March 31, 2021. The increase in noninterest expense
during the nine months ended March 31, 2022 was primarily due to an
increase in salaries and employee benefits expense resulting from
creating new positions during the previous fiscal year. The new
positions were required to support growth in the bank’s lending
department, customer service center and finance department. There
was also an increase in computer software and professional fees
during the current period.
Income Taxes
- Provision for income
taxes reflects the expected tax associated with the
pre-tax income generated for the given year and certain regulatory
requirements. The effective tax rate was 15.6% and 15.2% for the
three and nine months ended March 31, 2022 and 14.2% and 13.4% for
the three and nine months ended March 31, 2021, respectively. The
statutory tax rate is impacted by the benefits derived from
tax-exempt bond and loan income, the Company’s real estate
investment trust subsidiary income, income received on the bank
owned life insurance, as well as the tax benefits derived from
premiums paid to the Company’s pooled captive insurance subsidiary
to arrive at the effective tax rate. The increase in the current
quarter was attributable to the increase in income before taxes for
March 31, 2022 compared to March 31, 2021.
Balance Sheet Summary
- Total assets of
the Company were $2.5 billion at March 31, 2022 and $2.2 billion at
June 30, 2021, an increase of $321.4 million, or
14.6%.
- Securities
available-for-sale and held-to-maturity increased $253.4
million, or 28.5%, to $1.1 billion at March 31, 2022 as compared to
$887.8 million at June 30, 2021. This increase was the result of
utilizing excess cash on hand due to an increase in deposits.
Securities purchases totaled $510.5 million during the nine months
ended March 31, 2022 and consisted of $360.3 million of state and
political subdivision securities, $106.1 million of mortgage-backed
securities, $22.9 million of corporate securities, $18.2 million of
US Treasury securities, and $3.0 million of collateralized mortgage
obligations. Principal pay-downs and maturities during the nine
months amounted to $237.9 million, primarily consisting of $32.4
million of mortgage-backed securities, $203.8 million of state and
political subdivision securities, and $1.7 million of
collateralized mortgage obligations.
- Net loans
receivable increased $47.6 million, or 4.4%, to $1.1
billion at March 31, 2022 from $1.1 billion at June 30, 2021. The
loan growth experienced during the nine months consisted primarily
of $62.7 million in commercial real estate loans, $14.5 million in
commercial construction loans, $17.0 million in residential real
estate loans, $3.8 million in residential construction, $9.1
million in multi-family loans, and a $2.6 million net decrease in
deferred fees due to the forgiveness of SBA PPP loans. This growth
was partially offset by a $60.0 million decrease in commercial
loans, driven by the decrease in SBA PPP loans, and a $2.1 million
dollar increase in allowance for loan losses. SBA PPP loans
decreased $60.7 million to $6.7 million at March 31, 2022 from
$67.4 million at June 30, 2021, due to the receipt of forgiveness
proceeds.
- Deposits totaled
$2.3 billion at March 31, 2022 and $2.0 billion at June 30, 2021,
an increase of $286.8 million, or 14.3%. Noninterest-bearing
deposits increased $13.9 million, or 8.0%, NOW deposits increased
$228.8 million, or 17.0%, savings deposits increased $31.9 million,
or 10.6%, and money market deposits increased 12.8 million, or 8.7%
when comparing March 31, 2022 and June 30, 2021. These increases
were offset by a decrease in certificates of deposits of $693,000,
or 2.0%, when comparing March 31, 2022 and June 30, 2021. Deposits
continued to increase during the nine months ended March 31, 2022
as a result of an increase in new account relationships, including
new corporate cash management deposit relationships, and an
increase in municipal deposits at Greene County Commercial Bank,
primarily from New York State funding and tax collection.
- Borrowings of the
Company amounted to $49.3 million at March 31, 2022 compared to
$22.6 million at June 30, 2021, an increase of $26.7
million. At March 31, 2022, borrowings consisted of
$49.3 million of Fixed-to-Floating Rate Subordinated Notes. During
the nine months ended March 31, 2022, the Company repaid $3.0
million of short-term borrowings with Atlantic Central Bankers
Bank. The Company entered into Subordinated Note Purchase
Agreements on September 15, 2021, issued at 3.00% Fixed-to-Floating
Rate, due September 15, 2031, in the aggregate principal amount of
$30.0 million. These notes are callable on September 15, 2026.
- Shareholders’
equity increased to $156.9 million at March 31, 2022 from
$149.6 million at June 30, 2021, resulting primarily from net
income of $21.2 million, partially offset by dividends declared and
paid of $1.5 million and an increase in other accumulated
comprehensive loss of $12.3 million.
Greene County Bancorp, Inc. is the direct and
indirect holding company, for The Bank of Greene County, a
federally chartered savings bank, and Greene County Commercial
Bank, a New York-chartered commercial bank, both headquartered in
Catskill, New York. Our primary market area is the Hudson Valley
Region and Capital District Region in New York State. For more
information on Greene County Bancorp, Inc., visit
www.tbogc.com.
This press release contains statements about
future events that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results could differ materially from those projected in the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, general economic
conditions, financial and regulatory changes, the COVID-19
pandemic, changes in interest rates, regulatory considerations,
competition, technological developments, retention and recruitment
of qualified personnel, and market acceptance of the Company’s
pricing, products and services. The extent to which the COVID-19
pandemic impacts the Company, results of operations and the
Company’s customers will depend on future developments, which are
uncertain and unknown, including the duration of the pandemic, and
variants of COVID-19.
In addition to presenting information in
conformity with accounting principles generally accepted in the
United States of America (GAAP), this news release contains
financial information determined by methods other than GAAP
(non-GAAP). The following measures used in this release, which are
commonly utilized by financial institutions, have not been
specifically exempted by the Securities and Exchange Commission
("SEC") and may constitute "non-GAAP financial measures" within the
meaning of the SEC's rules. The Company has provided in this news
release supplemental disclosures for the calculation of net
interest margin utilizing a fully taxable-equivalent adjustment.
The Company has also provided in this news release supplemental
disclosures for the calculation of the allowance for loan loss to
gross loans, adjusted to exclude SBA Paycheck Protection Program
loans. Management believes that the non-GAAP financial measures
disclosed by the Company from time to time are useful in evaluating
the Company's performance and that such information should be
considered as supplemental in nature and not as a substitute for or
superior to the related financial information prepared in
accordance with GAAP. Our non-GAAP financial measures
may differ from similar measures presented by other companies. See
the reconciliation of GAAP to non-GAAP measures in the section
"Select Financial Ratios."
|
Greene
County Bancorp, Inc.Consolidated Statements of
Income, and Selected Financial Ratios (Unaudited) |
|
|
At or for the Three Months |
At or for the Nine Months |
|
Ended March 31, |
Ended March 31, |
Dollars in thousands, except share and per share data |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Interest income |
$ |
15,305 |
|
$ |
14,788 |
|
$ |
46,729 |
|
$ |
43,075 |
|
Interest expense |
|
1,218 |
|
|
1,218 |
|
|
3,790 |
|
|
4,080 |
|
Net interest income |
|
14,087 |
|
|
13,570 |
|
|
42,939 |
|
|
38,995 |
|
Provision for loan losses |
|
163 |
|
|
1,434 |
|
|
2,431 |
|
|
3,939 |
|
Noninterest income |
|
2,905 |
|
|
2,361 |
|
|
9,072 |
|
|
6,833 |
|
Noninterest expense |
|
8,314 |
|
|
8,367 |
|
|
24,612 |
|
|
23,040 |
|
Income before taxes |
|
8,515 |
|
|
6,130 |
|
|
24,968 |
|
|
18,849 |
|
Tax provision |
|
1,327 |
|
|
872 |
|
|
3,789 |
|
|
2,521 |
|
Net income |
$ |
7,188 |
|
$ |
5,258 |
|
$ |
21,179 |
|
$ |
16,328 |
|
|
|
|
|
|
Basic and diluted EPS |
$ |
0.84 |
|
$ |
0.62 |
|
$ |
2.49 |
|
$ |
1.92 |
|
Weighted average shares
outstanding |
|
8,513,414 |
|
|
8,513,414 |
|
|
8,513,414 |
|
|
8,513,414 |
|
Dividends declared per
share4 |
$ |
0.13 |
|
$ |
0.12 |
|
$ |
0.39 |
|
$ |
0.36 |
|
|
|
|
|
|
Selected Financial
Ratios |
|
|
|
|
Return on average assets1 |
|
1.19 |
% |
|
1.04 |
% |
|
1.21 |
% |
|
1.17 |
% |
Return on average equity1 |
|
18.10 |
% |
|
15.13 |
% |
|
18.09 |
% |
|
16.12 |
% |
Net interest rate spread1 |
|
2.38 |
% |
|
2.72 |
% |
|
2.51 |
% |
|
2.78 |
% |
Net interest margin1 |
|
2.41 |
% |
|
2.76 |
% |
|
2.54 |
% |
|
2.84 |
% |
Fully taxable-equivalent net
interest margin2 |
|
2.56 |
% |
|
2.91 |
% |
|
2.69 |
% |
|
3.00 |
% |
Efficiency ratio3 |
|
48.93 |
% |
|
52.52 |
% |
|
47.32 |
% |
|
50.27 |
% |
Non-performing assets to total
assets |
|
|
|
0.16 |
% |
|
0.13 |
% |
Non-performing loans to net
loans |
|
|
|
0.34 |
% |
|
0.25 |
% |
Allowance for loan losses to
non-performing loans |
|
|
|
562.46 |
% |
|
737.73 |
% |
Allowance for loan losses to
total loans |
|
|
|
1.88 |
% |
|
1.80 |
% |
Shareholders’ equity to total
assets |
|
|
|
6.22 |
% |
|
6.49 |
% |
Dividend payout ratio4 |
|
|
|
15.66 |
% |
|
18.75 |
% |
Actual dividends paid to net
income5 |
|
|
|
7.21 |
% |
|
12.02 |
% |
Book value per share |
|
|
$ |
18.43 |
|
$ |
16.34 |
|
1 Ratios are annualized when
necessary.2 Interest income calculated on a taxable-equivalent
basis includes the additional interest income that would have been
earned if the Company’s investment in tax-exempt securities and
loans had been subject to federal and New York State income taxes
yielding the same after-tax income. The rate used for this
adjustment was 21% for federal income taxes for the three and nine
months ended March 31, 2022 and 2021, 4.44% and 3.98% for New York
State income taxes for the three and nine months ended March 31,
2022 and 2021, respectively. The following table summarizes the
adjustments made to arrive at the fully taxable-equivalent net
interest margins.
|
For the three months endedMarch 31, |
For the nine months endedMarch 31, |
(Dollars in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net interest income
(GAAP) |
$ |
14,087 |
|
$ |
13,570 |
|
$ |
42,939 |
|
$ |
38,995 |
|
Tax-equivalent adjustment |
|
865 |
|
|
751 |
|
|
2,440 |
|
|
2,207 |
|
Net interest income (fully
taxable-equivalent basis) |
$ |
14,952 |
|
$ |
14,321 |
|
$ |
45,379 |
|
$ |
41,202 |
|
|
|
|
|
|
Average interest-earning
assets |
$ |
2,336,019 |
|
$ |
1,966,451 |
|
$ |
2,252,913 |
|
$ |
1,832,465 |
|
Net interest margin (fully
taxable-equivalent basis) |
|
2.56 |
% |
|
2.91 |
% |
|
2.69 |
% |
|
3.00 |
% |
3 The efficiency ratio has been calculated
as noninterest expense divided by the sum of net interest income
and noninterest income.4 The dividend payout ratio has been
calculated based on the dividends declared per share divided by
basic earnings per share. No adjustments have been made to account
for dividends waived by Greene County Bancorp, MHC (“MHC”), the
Company’s majority shareholder, owning 54.1% of the shares
outstanding.5 Dividends declared divided by net income. The
MHC waived its right to receive dividends declared during the three
months ended; June 30, 2020; September 30, 2020; December 31, 2020;
June 30, 2021; September 30, 2021; December 31, 2021 and March 31,
2022. Dividends declared during the three months ended December 31,
2019 and March 31, 2021 were paid to the MHC. The MHC’s ability to
waive the receipt of dividends is dependent upon annual approval of
its members as well as receiving the non-objection of the Federal
Reserve Board.
The above information is preliminary and based on the Company’s
data available at the time of presentation.
|
Greene County
Bancorp, Inc.Consolidated Statements of Financial
Condition (Unaudited) |
|
|
AtMarch 31, 2022 |
|
AtJune 30, 2021 |
(Dollars In thousands, except
share data) |
|
|
|
Assets |
|
|
|
Total cash and cash equivalents |
$ |
150,615 |
|
|
$ |
149,775 |
|
Long term certificate of
deposit |
|
4,112 |
|
|
|
4,553 |
|
Securities- available for
sale, at fair value |
|
411,442 |
|
|
|
390,890 |
|
Securities- held to maturity,
at amortized cost |
|
729,739 |
|
|
|
496,914 |
|
Equity securities, at fair
value |
|
296 |
|
|
|
307 |
|
Federal Home Loan Bank stock,
at cost |
|
1,091 |
|
|
|
1,091 |
|
|
|
|
|
Gross loans receivable |
|
1,155,399 |
|
|
|
1,108,408 |
|
Less: Allowance for loan
losses |
|
(21,739 |
) |
|
|
(19,668 |
) |
Unearned origination fees and costs, net |
|
(140 |
) |
|
|
(2,793 |
) |
Net loans receivable |
|
1,133,520 |
|
|
|
1,085,947 |
|
|
|
|
|
Premises and equipment |
|
14,273 |
|
|
|
14,137 |
|
Bank owned life insurance |
|
53,364 |
|
|
|
40,425 |
|
Accrued interest
receivable |
|
9,495 |
|
|
|
7,781 |
|
Foreclosed real estate |
|
68 |
|
|
|
64 |
|
Prepaid expenses and other
assets |
|
13,674 |
|
|
|
8,451 |
|
Total assets |
$ |
2,521,689 |
|
|
$ |
2,200,335 |
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Noninterest bearing deposits |
$ |
188,043 |
|
|
$ |
174,114 |
|
Interest bearing deposits |
|
2,103,827 |
|
|
|
1,830,994 |
|
Total deposits |
|
2,291,870 |
|
|
|
2,005,108 |
|
|
|
|
|
Borrowings from other banks,
short-term |
|
- |
|
|
|
3,000 |
|
Subordinated notes
payable |
|
49,263 |
|
|
|
19,644 |
|
Accrued expenses and other
liabilities |
|
23,624 |
|
|
|
22,999 |
|
Total liabilities |
|
2,364,757 |
|
|
|
2,050,751 |
|
Total shareholders’ equity |
|
156,932 |
|
|
|
149,584 |
|
Total liabilities and shareholders’ equity |
$ |
2,521,689 |
|
|
$ |
2,200,335 |
|
Common shares outstanding |
|
8,513,414 |
|
|
|
8,513,414 |
|
Treasury shares |
|
97,926 |
|
|
|
97,926 |
|
The above information is preliminary and based on the Company’s
data available at the time of presentation.
For Further Information
Contact:Donald E. GibsonPresident & CEO(518)
943-2600donaldg@tbogc.com
Michelle M. Plummer, CPA, CGMASEVP, COO &
CFO(518) 943-2600michellep@tbogc.com
Greene County Bancorp (NASDAQ:GCBC)
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Greene County Bancorp (NASDAQ:GCBC)
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De Jun 2023 a Jun 2024